An interesting development in the USA concerning public dissatisfactio

[Crusader]

I found this article on The Register (A nice, critical source of IT news). It explains how the masses suddenly 'woke up' and didn't take crap from their government any more, causing the first vote of the $700+ Billion bailout to fail, despite mainstream media making absolutely no mention of it (propaganda at it's finest?). What really pulled me in was the subtitle: "Sudden outbreak of democracy baffles US pundits". The article goes in detail and describes what happened and how politicians are suddenly faced with making a decision they think is good for the USA/World, but their voters simply wouldn't accept. It then goes on to a more general level and puts some thoughts on how Democracy *really* works and isn't very democratic at all in the end.

http://www.theregister.co.uk/2008/10/03/th...nd_the_pundits/

Now I need someone here in the Netherlands to do the same and kick some politician ass, who seem to have no trouble taking money from my wallet to bail out banks.

[Quark]

That might just be the crappiest political article I ever read, which I guess is in line with The Register's typically sensationalist junk (they're good on leaks, but not on commentary). Everyone talked about the "bailout", but most people just heard the word "bailout" and assumed bad things because the media didn't properly explain what it did.

Also, that article trashed the fact that this was a written up contingency plan. Who the hell trashes having thought of something beforehand?

[Zenda]

Crusader "Now I need someone here in the Netherlands to do the same and kick some politician ass..."

We Dutch have the government that we deserve, and you have to admit that it fits most of us pretty well. In many ways, we are a greater disaster to the world around us then the US is.

Quark "Who the hell trashes having thought of something beforehand?"

As I read it, the article only expresses surprise and disbelieve at the fact. Like most people would, propably. But ofcourse, those closely involved weren't really surprised.

[kandrathe]

That might just be the crappiest political article I ever read, which I guess is in line with The Register's typically sensationalist junk (they're good on leaks, but not on commentary). Everyone talked about the "bailout", but most people just heard the word "bailout" and assumed bad things because the media didn't properly explain what it did.

Also, that article trashed the fact that this was a written up contingency plan. Who the hell trashes having thought of something beforehand?

Agreed. Bad article. Although it is true that the sentiment of Congress was at first listening to "the People", then going ahead the next week and passing "a bailout" anyway. I think the biggest gaffe here was in calling the first bill "a bailout", because it is really a rescue. Without it the economy might literally die. It should have been called an economic rescue plan, and addressed how to keep the economy healthy.

Again, as a libertarian, I hate the notion of taking public money and tossing it at those companies who were particularly stupid to get themselves into trouble like this. I'm very much against the officers in those companies profiting rather than suffering from their own horrible choices. But, I'm pragmatic enough to also take time to view what the consequences on the world might be if we allowed things to settle out on their own.

[eppie]

Again, as a libertarian, I hate the notion of taking public money and tossing it at those companies who were particularly stupid to get themselves into trouble like this. I'm very much against the officers in those companies profiting rather than suffering from their own horrible choices. But, I'm pragmatic enough to also take time to view what the consequences on the world might be if we allowed things to settle out on their own.

Well lowering of interest rates is technically also a bailout of companies...and it happens all the time. And actually I also on one hand agree with those measures.


ps zenda and crusader your both dutch? Finally we have a good front against those yanks:)

(and to be sure; Occhi this was a joke)

[kandrathe]

Well lowering of interest rates is technically also a bailout of companies...and it happens all the time.

Um, I don't see it that way. The Federal Reserve Bank, is a quasi-public entity with many private sector components. The President gets to choose the chairman of the board of governors of the Federal Reserve Banks. They are a lender of last resort, and so set a "discount rate" by which the Feds lend to banks, and banks lend money to each other, which determines the "Prime Rate" (which is about 3% above the federal funds rate). They also control the fluidity of the money supply. My view of the Fed is that they try to exert the tools at their disposal to keep the system stable, and predictable, meaning inflation is low, the value of a dollar remains consistent week by week, and interest rates on loans remain as low as possible. So, in that Capital is relatively easy to get and has a low cost, then yes, the Fed does help all capitalists from Morgan Stanley, to a person trying to start a new business or buy a car or a house.